How To Crash Naira Exchange Rate

The Association of Bureau De Change Operators of Nigeria (ABCON) says reopening of the BDC window would crash the spike in Naira exchange rate.

The President, Aminu Gwadabe, said this in an interview with the News Agency of Nigeria (NAN).

He suggested the immediate reopening “for school fees payments pending when the international Air travels resumes”.

The ABCON leader noted that the proximity of BDCs to genuine FX end-users ensured exchange rate stability in the market.

He stressed that the germane role of BDCs “is bridging the gap between the official rates and the parallel market rates, which was achieved from early 2017 to early 2020”.

Gwadabe said the factoring of BDCs into the FMDQ floor and diaspora remittances agencies would ensure long term exchange rate stability in the economy.

The Naira traded at N472.5 to a dollar at the parallel market at the close of trading on Friday.

This is despite Central Bank of Nigeria (CBN) adjustment of official rate from N360 to a dollar to N381.